Second Quarter 2013 Highlights
Second quarter revenue totaled $28.2 million, a 19% increase over the same period in 2012
Ten RIO® systems sold in the second quarter, of which eight were sold to domestic customersA total of fifteen RIO systems sold worldwide in the first six months of 2013, increasing worldwide commercial installed base to 171 RIO systems and domestic commercial installed base to 164 RIO systems 3,274 MAKOplasty® procedures performed in the second quarter, a 26% increase over the same period in 2012 6,262 MAKOplasty procedures performed in the first six months of 2013, a 28% increase over the same period in 2012 FORT LAUDERDALE, Fla., July 30, 2013 (GLOBE NEWSWIRE) -- MAKO Surgical Corp. (Nasdaq:MAKO), a medical device company that markets its RIO® Robotic Arm Interactive Orthopedic surgical platform, MAKOplasty® joint specific applications and proprietary RESTORIS® implants that together enable orthopedic surgeons to consistently, reproducibly and precisely treat patient specific osteoarthritic disease, today announced its operating results for the quarter ended June 30, 2013. Recent Business Developments RIO Systems – Ten RIO systems were sold during the second quarter, of which eight were sold to domestic customers and two were sold through international distributors in Italy and Turkey. The revenue associated with one RIO system sold to and customer accepted by our Italian distributor will be deferred until all revenue recognition criteria are satisfied. These ten RIO systems bring MAKO's worldwide commercial installed base of RIO systems to 171 systems and domestic commercial installed base to 164 systems as of June 30, 2013. At the end of the quarter, MAKO had 164 MAKOplasty sites worldwide. Nine MAKOplasty total hip arthroplasty, or THA, applications were sold during the quarter, six of which were sold with new RIO systems sales and three of which were sold as upgrades to existing customers with knee-only commercial systems. As of June 30, 2013, 111 RIO systems, or 65% of the worldwide commercial installed base, have the MAKOplasty THA application. MAKOplasty Procedure Volume – During the second quarter, 3,274 MAKOplasty procedures were performed, of which 3,125 were performed at domestic sites and 577 were THA procedures. The 3,274 MAKOplasty procedures performed represent a 10% increase over the procedures performed in the first quarter of 2013 and a 26% increase over the procedures performed in the second quarter of 2012. The 577 THA procedures performed represent a 24% increase over the THA procedures performed in the first quarter of 2013 and a 106% increase over the THA procedures performed in the second quarter of 2012. The average monthly utilization per site for all MAKOplasty procedures was 7.0 procedures during the second quarter of 2013, an increase from 6.6 procedures during the first quarter of 2013. Through June 30, 2013, approximately 29,000 procedures had been performed since the first procedure in June 2006. Clinical Research and Marketing – At the 2013 Computer Assisted Orthopedic Surgery meeting in June, three key presentations were made on MAKOplasty. First, Dr. Bryn Jones presented additional early data from the randomized controlled trial (RCT) performed at the Glasgow Royal Infirmary with the University of Strathclyde. Dr. Jones presented three-month data for the entire cohort of 139 patients highlighting accuracy, pain level, American Knee Society scores and hospital cost savings. MAKOplasty unicompartmental knee procedures results were favorable to the manually placed Biomet Oxford® implants in nearly all measured categories. Second, Dr. Riyaz Jinnah's group presented data on a retrospective registry review of 125 lateral uni-compartmental knee arthroplasty, or UKA, patients, 88 of which were MAKOplasty patients. At the patients' 24 month follow up appointment, the MAKOplasty lateral UKA group had a statistically significant lower revision rate, shorter average hospital stay and better alignment than the manual lateral UKA group. Lastly, Dr. Benjamin Domb's group presented data comparing acetabular cup position for a matched pair series of 50 MAKOplasty total hip procedures versus 50 manual total hip procedures. The data showed that 92% of the MAKOplasty cups were within the stricter Callanan, or Massachusetts General Hospital, safe zone, compared to 62% of the conventional cups. All results are statistically significant, and provide additional evidence of the clinical and economic benefits of MAKOplasty over manual procedures. "We are pleased that our programs implemented in the first quarter to drive utilization and system sales are beginning to show positive business results," said Maurice R. Ferré, M.D., President and Chief Executive Officer of MAKO. "Additionally, the recently released favorable data on both knee and hip MAKOplasty provides continuing support for the clinical value proposition of our procedures."